ALTAMIR_REGISTRATION_DOCUMENT_2017

1

PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

Selected financial information

PORTFOLIO PERFORMANCE 27% average EBITDA growth in 2017 Year-on-year EBITDA growth at constant exchange rates, weighted by NAV for Altamir and by market cap for CAC 40 (in %)

33%

27%

24%

14%

13%

10%

9%

4%

2%

-2%

2013 vs 2012

2014 vs 2013

2015 vs 2014

2016 vs 2015

2017 vs 2016

CAC 40 companies excluding financials; sample of 35 companies Altamir portfolio (sample of 44 companies for 2017, excluding Shriram, Guotai, Manappuram Syneron Candela and ECi)

Sources: company reports or analyst consensus as of 3 March 2018

VALUATION MULTIPLES AT END OF PERIOD Average multiples weighted by each company’s contribution to NAV

DEBT MULTIPLES AT END OF PERIOD Average multiples weighted by each company’s contribution to NAV

Entreprise value / LTM EBITDA

# of companies

Total net debt / LTM EBITDA

# of companies

10.88

4.22

44

44

2017

2017

10.68

4.07

2016

2016

38

38

10.83

3.96

28

27

2015

2015

9.52

3.82

21

21

2014

2014

17

16

8.89

3.83

2013

2013

Sample of 44 companies as of 31/12/2017, excluding Shriram, Guotai, Manappuram, Huarong and Zensar

12 REGISTRATION DOCUMENT

• ALTAMIR 2017

www.altamir.fr